Athletes In Losses After Ditching The Dollar For Bitcoin (BTC) & cryptos 

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Many ath­letes are in loss­es after opt­ing to receive a pay­check in cryp­tos like Bit­coin (BTC). 

YEREVAN (CoinChapter.com) – Cryp­tocur­ren­cies like Bit­coin (BTC), as well as non­fun­gi­ble tokens (NFT), have grown in pop­u­lar­i­ty. Many sport­ing clubs, ath­letes, and fans are turn­ing to cryp­to. How­ev­er, the recent dip in the cryp­to mar­ket and cryp­tocur­ren­cy price has put many ath­letes in losses. 

While teams from var­i­ous sports types have signed part­ner­ship and spon­sor­ship deals with Web3 projects, many ath­letes have opt­ed to be paid in cryp­to. More sports­men and sports­women con­sid­er ditch­ing fiat cur­ren­cy for cryp­to alternatives.

Club fan tokens have also tak­en off over the months. Ever since they became pop­u­lar, one com­pa­ny, in par­tic­u­lar, Socios, has dom­i­nat­ed the mar­ket. Sev­er­al big names in Euro­pean foot­ball have part­nered with Socios to release their fan tokens. These include Arse­nal, Man­ches­ter City, Ever­ton, Juven­tus, Aston Vil­la, AS Roma, Paris Saint-Ger­main, Leeds, etc.

Last August, Paris Saint-Germain’s offi­cial fan token, PSG, ral­lied after Lionel Mes­si joined the French club. Ear­li­er this year, the plat­form signed Mes­si as its brand ambas­sador. The com­pa­ny also pays Mes­si a part of his pay­ment in fan tokens.

https://twitter.com/socios/status/1508776236193140738 

In oth­er news, leg­endary foot­baller David Beck­ham also jumped on the cryp­to and blockchain band­wag­on. The for­mer Eng­lish cap­tain launched his first NFT col­lec­tion through Dig­i­tal­Bits. The com­pa­ny lat­er announced they had cement­ed a deal with Beck­ham to be their Glob­al Ambassador. 

In Jan­u­ary this year, cryp­tocur­ren­cy exchange Crypto.com roped in NBA leg­end LeBron James for a new part­ner­ship. Accord­ing to a Twit­ter post by the exchange, it signed a deal with James’s non­prof­it, the LeBron James Fam­i­ly Foun­da­tion (LJF) to “increase edu­ca­tion­al and work­force development.”

https://twitter.com/cryptocom/status/1487047811401076742 

Some ath­letes draw­ing Bit­coin cheques amid the cryp­to mar­ket dip sev­er­al ath­letes from a vari­ety of sports increas­ing­ly favor cryp­to pay­ments. Draw­ing salaries in Bit­coin (BTC) and oth­er dig­i­tal assets are big, espe­cial­ly in the Nation­al Foot­ball League (NFL).

Green Bay Pack­ers quar­ter­back Aaron Rodgers is one of the play­ers to draw a por­tion of his salary in Bit­coin (BTC). Although rel­a­tive­ly a late­com­er to the cryp­to pay­ment scene, he was very opti­mistic about the future. 

“I’m excit­ed about the future of cryp­tocur­ren­cy and am a big believ­er in Bit­coin… I’ve cho­sen to take a large por­tion of my salary in Bit­coin, thanks to the help of Cash App,”

 Rodgers said in a statement.

Bas­ket­ball stars and Gold­en State War­riors play­ers Klay Thomp­son and Andre Iguo­dala also decid­ed to receive part of their salary in BTC via Jack Dorsey’s Cash App. 

In Decem­ber 2020, the Car­oli­na Pan­thers star Rus­sell Okung opt­ed to receive half of his $13 mil­lion in salary in Bit­coin (BTC). As a result, his club paid him about $6 mil­lion in Bit­coin. New York Giants run­ning back Saquon Barkley also decid­ed last year to demand 100% pay­ments for all future endorse­ment deals in Bit­coin (BTC).

More­over, Los Ange­les Rams star Odell Beck­ahm Jr. announced last Novem­ber he would take his $750,000 salary in BTC. The NFL leg­end also said he would give $1 mil­lion worth of cryp­to to fans. 

https://twitter.com/obj/status/1462836953888534528 

Among soc­cer stars, for­mer Arse­nal left-back Kier­an Gibbs revealed last month that he receives half of his wages in cryp­tocur­ren­cy. Gibbs, who now rep­re­sents David Beckham’s Inter Mia­mi CF, draws 50% of his salary in Bit­coin

Cryp­tocur­ren­cy price crash puts ath­letes in losses

The recent crash in the cryp­tocur­ren­cy mar­ket has left many ath­letes bruised. While those who entered ear­ly drew healthy prof­its, they have lost most of it in the last few weeks. 

As Coin­Chap­ter ear­li­er report­ed, Jack­sonville Jaguars quar­ter­back Trevor Lawrence signed an endorse­ment deal with cryp­to invest­ment app Block­fo­lio. Accord­ing to Action Net­work, his $22,630,055 mil­lion sign­ing bonus fell to as low as $9.3 mil­lion when the Bit­coin (BTC) price crashed.

https://twitter.com/darrenrovell/status/1485314361312915456?s=20 

Anoth­er star who ‘burnt his fin­gers’ is Rams receiv­er Odell Beck­ham Jr. When the year start­ed, Beck­ham made head­lines when his $750,000 pay fell to a mere $35,400, thanks to the BTC crash. How­ev­er, that was in Jan­u­ary, when the BTC price was above $35,000.

With the recent crash tak­ing the BTC price below $30,00, one can only imag­ine his losses.

Mean­while, for­mer offen­sive tack­le for the Car­oli­na Pan­thers, Rus­sell Okung is unde­terred. Despite his loss­es, he is buy­ing the dip and hoard­ing Bitcoin.

https://twitter.com/RussellOkung/status/1394046826664402947 

Okung made head­lines in 2020 when he con­vert­ed half his $13 mil­lion salaries into Bit­coin. His $6.5 mil­lion invest­ment could be down to around $2.7 million. 

With almost every investor reel­ing under loss­es, the cryp­to price dip has not spared the ath­letes either. While there are good days in the cryp­tocur­ren­cy mar­ket, nobody said bear mar­kets don’t come. 

“This sto­ry has been pub­lished by CoinChapter.com and the infor­ma­tion con­tained in this arti­cle is for only infor­ma­tion­al pur­pos­es. It does not present any invest­ment advice nor does it serve as a sub­sti­tute for indi­vid­ual investment.”








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